Activity #3 Part 1 Required: Analyze the transactions and prepare the journal entries 1. The company borrowed $8,500 on February 1. It is a 9-month note with a 6% interest rate. The company prepares financial statements on a quarterly basis. Prepare the necessary adjusting entry, 2. Employees are paid every other Monday for the previous 2 week pay period. January 31 is on a Saturday. The last pay day was Monday, January 26 for the 2- week period of January 12-25. Each employee works 8 hours a day, Monday through Friday and earns $22 per hout. The company has 25 employees. The company prepares financial statements on a monthly basis. Prepare the necessary adjusting entry Instructions for Transaction Analysis and Journal Entries and Alphabetical List of Specific Account Names Step 1: Analyze the transaction Analyze each transaction and fill in the table below. Transaction Analysis Table 0 5:43 acer esc Step 1: Analyze the transaction Analyze each transaction and fill in the table below. Transaction Analysis Table Date Specific Account Type of Account Increase or Decrease Debitor Credit Amount $ Save Submit acer O C 5 esc 96 & Step 2: Write the Journal Entry Account Names DR CR Save & Check View Correct Answer Part 2 Describe when an adjusting entry to accrue an expense is needed and what the journal entry will include 05:44 acer o